M1-Simba, Starhub-MyRepublic consolidations: a crowded telco market through the years
News broke on Tuesday (Aug 12) of StarHub buying the rest of MyRepublic Broadband for S$105.2 million, a day after Keppel announced the proposed sale of M1's telco business to Simba .
For many years, Singtel, StarHub and M1 each served about a third of the market as the three full-fledged telcos in Singapore.
In the past decade, however, much competition has been introduced into the market. A fourth telco, TPG Singapore, which would become Simba later, entered the scene in 2016.
Mobile virtual network operators (MVNOs) were also introduced nearly a decade ago. They are not full telcos but rather, lease network capacity from the four telcos.
These include Circles.Life, Giga, Gomo, among others. There are currently more than 10 MVNOs here, and the market size is estimated to be worth US$502.74 million this year, according to data from research firm Mordor Intelligence.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
With such a crowded market, there has been repeated talk of consolidation through the years.
The increased competition had led to M1 shares, which have since been delisted, losing more than half their value in 2018. As early as 2017, there were reports that M1's shareholders Singapore Press Holdings (SPH), Keppel and Axiata had approached China mobile to sell their majority stake.
Speculation of a merger between StarHub and M1 has also long been talked about, with the possibility being floated last at the end of 2024. That occurred as StarHub and M1 both deferred their spectrum payment.
Here's a timeline of what has been occurring in the telecommunications industry through the decades.
1882 – Singapore's phone network was operated by the Oriental Telephone and Electric Company, which would become Singtel over a century later.
1992 – Singtel was founded, a three-year corporatisation of Telecoms – a merger between Singapore Telephone Board and Telecommunication Authority of Singapore – was completed.
1993 – Singtel debuts on the stock exchange.
1994 – M1 founded as 'MobileOne'. Singtel begins offering commercial Internet services through SingNet.
1996 – The government announces it will end Singtel's monopoly in telecommunications.
1997 – Singtel's licence to be the sole provider in mobile services ends. StarHub and Singapore Technologies Telemedia bids for basic telephone licence.
1997 – M1 enters the mobile telco market.
1999 – StarHub acquires ISP CyberWay, renames it StarHub Internet.
2000 – Full market liberalisation, with the end of Singtel's monopoly. StarHub enters the market as the third mobile operator.
2001 – Singapore Power divested shares in StarHub and sells 25.5 per cent stake to ST Telemedia for S$400 million, BT Group subsequently divests 18 per cent stake as a result of consolidation; Virgin Mobile Singapore MVNO launches as a joint venture (JV) with Singtel.
2002 – M1 launches initial public offering. StarHub merges with Singapore Cable Vision and acquires cable television and broadband Internet access operations. Virgin Mobile Singapore shuts down.
2004 – StarHub lists on the Singapore Exchange.
2005 – SunShare Investments, a JV between Telekom Malaysia and Khazanah Nasional, acquires a 12.06 per cent stake in M1 from Great Eastern Telecommunications.
2007 – Singtel's monopoly on fixed line and international direct dial services ends; Qatar Telecom buys 25 per cent stake in ST Telemedia's (STT) Asia Mobile, which holds STT's stake in StarHub.
2008 – M1 enters the fixed broadband sector. Shares in M1 held by Telekom are transferred to Axiata.
2009 – M1 acquires ISP Qala, aims to enter corporate fixed broadband market.
2015 – M1 acquires a 15 per cent stake in Omani telecom company, TeO, through subsidiary M1 TeliNet.
2016 – TPG Singapore, which later becomes Simba, enters the market as the fourth telco. Introduction of MVNO.
2018 – MyRepublic enters the MVNO space on StarHub network.
2019 – Keppel and SPH buy out Axiata's 28.7 per cent stake in M1. They gain 90.15 per cent of M1's shares. M1 delists.
2019 – ViViFi MVNO launches on Singtel network; redONE MVNO launches on StarHub network; Grid Mobile MVNO launches on Singtel network; Singtel launches SIM-only fighter brand GoMo, StarHub launches SIM-only fighter brand giga!
2020 – M1-StarHub JV wins rights to build Singapore's two nationwide 5G networks; Geenet mobile MVNO launches on M1 network; China-focused CMLink MVNO launches on Singtel network; MyRepublic Mobile switches to M1 network; Zero Mobile licence suspended by Infocomm Media Development Authority (IMDA).
2021 – M1 launches fighter brand Maxx; mDR subsidiary ZYM Mobile MVNO launches on Singtel network; Changi Mobile MVNO launches on M1 network; Grid Mobile shuts down; Gorilla Mobile MVNO launches on M1 network.
2022 – StarHub receives IMDA approval to buy majority stake in MyRepublic; Singtel launches heya brand; ZΩH MVNO launches on M1 network.
2023 – Gorilla Mobile, ZΩH shut down.
2024 – Eight Mobile launches as MVNO using StarHub network; China Unicom's CUniq SG MVNO launches on StarHub network.
2025 – StarHub buys rest of MyRepublic Broadband. Keppel announces the proposed sale of M1's telco business to Simba.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
3 hours ago
- CNA
Companies plan stablecoins under new law, but experts say hurdles remain
(Refiles to fix typo in paragraph 22) Financial companies from Bank of America to Fiserv are preparing to launch their own dollar-backed crypto tokens now that a new U.S. law has established the first-ever rules for stablecoins, but experts warn the path forward could be anything but simple. U.S. President Donald Trump on July 18 signed the GENIUS Act into law, setting federal rules and guidelines for cryptocurrency tokens pegged to the U.S. dollar known as stablecoins. This U.S. law, the first designed to facilitate crypto usage, could pave the way for the digital assets to become an everyday way to make payments and move money, experts said. The use of stablecoins, designed to maintain a constant value, usually a 1:1 U.S. dollar peg, has exploded in recent years, notably among crypto traders moving funds to and from other tokens, such as bitcoin and ether. Now, a slate of companies are entertaining their own stablecoin strategies to capitalize on the promise of instant payments and settlement that stablecoins offer. Payments on traditional banking rails can take several days to arrive, or take even longer across international borders. Among the companies considering stablecoins are Walmart and Amazon, the Wall Street Journal reported in June. Walmart and Amazon did not immediately respond to requests for comment. However, the new law will not immediately open the floodgates, experts said. The newfound opportunity to dabble in stablecoins can lead to numerous tricky considerations for firms, both strategic and technical. Companies have to embark on a lengthy process to deploy their own stablecoins, or decide whether it makes more sense to integrate existing stablecoins, like issuer Circle's USDC, into their business. Companies first have to decide the purpose of their stablecoins. For example, a retail platform could make a stablecoin available to customers to buy goods, which could appeal to crypto-savvy users. Some companies could use them internally for cross-border payments, given that stablecoins can enable near-instant payments, often with lower fees. How a company plans to use a stablecoin could affect whether it creates a stablecoin or works with a partner. "The intended use is going to matter a lot," said Stephen Aschettino, a partner at Steptoe. "Is this something really designed to drive customers to engage with the issuer, or is the issuer's primary motivation to have a stablecoin that is more ubiquitous?" For nonbanks, stablecoins will bring new compliance costs and oversight requirements, given that the GENIUS Act requires issuers to comply with anti-money laundering and "know your customer" (KYC) requirements. "Those that already have robust KYC risk management and regulatory change management programs or working towards implementing these program elements may have a competitive advantage," said Jill DeWitt, senior director of compliance and third-party risk management solutions at Moody's. One group likely to enjoy that advantage is banks, which are no strangers to screening for sanctions-related risks and verifying the identities of their customers. Bank of America and Citigroup are actively considering issuing their own stablecoins, the CEOs of both banks said in earnings calls last month. Others like Morgan Stanley are closely monitoring stablecoin developments. JPMorgan Chase CEO Jamie Dimon said the bank will be involved in stablecoins, without giving details. Banks need to weigh several factors before going live with stablecoins, including how holding the tokens might affect liquidity requirements, said Julia Demidova, head of digital currencies product and strategy at FIS. Banks holding assets like stablecoins on their balance sheets might be required to hold more capital under current U.S. bank rules. "The GENIUS Act is great, but if the bank is treating their stablecoin on the balance sheet under prudential banking regulation, you still need to look at the risk weight of the asset," she said. Another crucial question is how to issue stablecoins. Like other cryptocurrencies, stablecoins are created on a blockchain, a digital ledger that records transactions. Hundreds of blockchain networks exist today, two of the most popular being ethereum and solana. Both are considered public or "permissionless" blockchains because all transactions on those networks are available for anyone to see. Still, it is unclear which attribute companies issuing stablecoins would prioritize. Banks, in particular, could opt for their own private, or "permissioned," blockchains instead, Demidova said. "The banks would desire and demand that very clear governance and structure," she said. "In that permissionless environment, you don't have the governance and controls in place." Others like Nassim Eddequiouaq, CEO of Bastion, a provider of infrastructure for companies to issue their own stablecoins, see merits to permissionless blockchains. "We've seen a tremendous amount of interest for existing blockchains that have seen user adoption, that have been battle tested at scale, including during activity spikes," he said. Although the GENIUS Act has been signed into law, its effective date is potentially several years off, with federal banking regulators expected to issue rules in the meantime to fill in certain gaps. The Office of the Comptroller of the Currency, for instance, is expected to issue rules to outline several risk management and compliance requirements. Under the new U.S. framework, the Treasury Department will have to issue a rule on foreign stablecoin regulatory regimes and their compatibility with the new U.S. framework.
Business Times
3 hours ago
- Business Times
Delfi H1 net profit down 37.7% to US$12.2 million on softer performance in Indonesia
[SINGAPORE] Delfi posted a 37.7 per cent drop in net profit to US$12.2 million for its first half ended Jun 30, 2025, from US$19.6 million in the previous corresponding period. Excluding a non-recurring item resulting from the streamlining of its Philippine manufacturing operations, net profit would have been down 33.9 per cent to US$12.9 million, the chocolate confectionery company said in a bourse filing on Tuesday (Aug 12). Earnings per share stood at 2 US cents for the half-year period, down from 3.2 cents the previous year. In the half-year period, the company said it had spent more on promotions in Indonesia to drive the growth of its key brands and to address heightened competitive pressures. Meanwhile, its agency brands in Indonesia recorded lower sales, on the back of reduced promotion spending by some agencies, it said. Revenue for H1 fell 0.5 per cent to US$259.6 million, from US$260.8 million in the year before. This was primarily due to a softer performance in Indonesia, but largely offset by growth in its regional markets. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The top line also reflected the impact of a weaker Indonesian rupiah against the US dollar during the period, Delfi said. An interim dividend of 1 US cent (1.28 Singapore cents) a share was declared for the half year, down from 2.72 Singapore cents the year before. The dividend will be paid on Sep 12, after books closure on Aug 28. Delfi expects the operating environment to remain challenging in the rest of 2025 and into 2026, shaped by ongoing geopolitical tensions, macroeconomic headwinds and uncertainty in global trade. Persistently high cocoa bean prices also remain a major headwind for chocolate manufacturers globally, and are expected to continue hurting industry earnings, it said. Shares of Delfi closed S$0.01 or 1.2 per cent higher at S$0.85 on Tuesday, before the results were released.
Straits Times
4 hours ago
- Straits Times
In China's factory heartland, warehouses weather Trump tariffs
Sign up now: Get ST's newsletters delivered to your inbox Workers at a delivery company in Guangzhou sort out packages of online shopping giant. GUANGZHOU, China – Labourer Shuai Hang went a week without work earlier in 2025 when sky-high US tariffs on Chinese goods overwhelmed the warehouse he works at and slowed the company's US-bound parcels to a trickle. But on Aug 12, after US President Donald Trump announced a truce on those duties would be extended , the depot in southern China's manufacturing hub Guangzhou was alive with noise as workers stuffed trucks with packages of clothes and kitchenware. Many are destined for the doorsteps of US customers of Chinese-founded online shopping giant Temu. 'Tariffs impact our daily lives,' said 31-year-old Mr Shuai, whose monthly pay of more than 10,000 yuan (S$1,800) dropped by a third previously. 'If tariffs are slightly lower, then there are more outgoing shipments, and then we have higher wages,' he said. Mr Trump's tariff policies since taking office have upended global trade and set off a blistering tit-for-tat with Beijing. But the two major economies agreed in May to a fragile truce , with each temporarily lowering levies on the other's goods. That agreement was extended to November by Mr Trump on Aug 11, hours before it expired. At the height of the tariffs, said Mr Shuai, who has been loading parcels for Guangzhou-based logistics company Weijiang International for a year, 'there was not a single truck' for him to fill, so he could not work. Overall, deliveries dropped by about 20 per cent in May, according to Weijiang's founder, Mr Xiong Wei, with the US market making up around a quarter of their cross-border business. But business has recovered since July, he said. Mr Xiong said he has not lost sleep over the looming expiration of the 90-day tariff truce this week, as he expected it would be renewed. 'We might have been worried in May, but now we are indifferent,' he said. 'We are used to it'. A worker at a warehouse of the Weijiang International delivery company seals packages of online shopping giant Temu. PHOTO: AFP 'Cards reshuffled' These days, the warehouse is sending out 100 tonnes of packages every 24 hours, with up to 70 trucks making trips. Industrial fans whirred as sweat-slicked workers methodically scanned yellow, black and sage green bundles into lorries. Mr Xiong's company has recently invested in its own warehouse in Chicago. In many ways, the uncertainty provided opportunity for smaller logistics companies like theirs, said manager Chen Weiyan, as they have taken the chance to expand their market. 'The cards have been reshuffled,' he said. Around 30 per cent of the parcels moved by Weijiang International end up in a different warehouse, this one owned by Temu-parent PDD, where they are unloaded, repacked and readied for a flight across the ocean. A truck carrying goods for delivery leaves a warehouse of the Weijiang International delivery company in Guangzhou. PHOTO: AFP While the truce is welcome, Mr Shuai, who packs three to four tonnes in a truck daily, said he still pays close attention to tariff news. 'For those of us who have travelled over 1,000km to work here, we definitely don't want frequent breaks. We all want to earn more money,' said the native of neighbouring Guizhou province. Working at the warehouse is less tiring than labouring at a construction site, and earning money has become more difficult in the past two years, he said. Mr Chen, the manager, was bullish. 'We will not give up this market,' he said. 'Folks in America need our goods'. AFP
